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Telecom Plus boosts FY statutory pretax profit

Telecom Plus has boosted its FY statutory pretax profit by 16.5% to £40.9m, with dividend up 4.3% to 48p a share.

It said the results were in line with expectations.

Revenue fell 0.6% to £740.3m due to lower energy prices.

CEO Andrew Lindsay was pleased with the results, which were achieved against a challenging market backdrop.

Telecom Plus had achieved its 20th consecutive year of organic growth in both membership base and the number of services it supplied.

"Almost one in five Members are now taking all our services, which underpins the long-term sustainability of our business model by reducing churn and improving our quality of earnings."

Lindsay added that whilst retail energy prices remained at the centre of political debate, Telecom Plus' wholesale arrangements and retail pricing structure would help to shelter it from the impact of the proposed price cap, compared with other major suppliers.

"In the meantime, we expect to continue growing our customer base over the coming year, with a target increase of 5-10% in the number of services we supply, and a further increase in our dividend."

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